We make decisions about our personal finances every day: should we splurge on an extra large coffee? Should we tuck that spare twenty away in our emergency fund? Should we fill our gas tank all the way full? All these little decisions add up quickly. In most cases, though, they’re fairly easy to make. If we’ve got a long commute to work, we’re going to fill our gas tank all the way. If we’ve prioritized saving, we’re going to deposit that twenty. But big financial decisions are much harder. Deciding things like whether we need a new television or if we really have to upgrade the computer can be complicated: we want these things, but we also want to save money.

The Financial Gatekeeper

That’s where the idea of a gatekeeper comes in. We want to make the best decisions possible, and those take time. A financial gatekeeper can guarantee that we take that time.

Gatekeepers, by definition, control access to something. A financial gatekeeper controls access to your money. In the best cases, you can create a gatekeeper that kicks in when you’re considering purchases over a certain level — it requires some sort of consideration before you can access your money. If you have a solid relationship, for instance, you might talk to your partner whenever you’re considering a purchase of a certain size. A simple agreement to reach consensus on all major purchases can be enough of a gatekeeper to limit those impulse purchases and even force you to shop around for the best deal.

Creating Your Own Gatekeeper

Depending on your own spending habits, you may be comfortable setting your own rules and rely on them as a gatekeeper: if you can remember to wait three days (or whatever rule you decide on) before making your purchases, that works just fine. Many of us — myself included — however, feel more comfortable with an external gatekeeper. In my case, my husband and I have to agree on any major purchases — and on unusually large purchases, we have to agree on it for several days running.

You can also find other options for gatekeepers: I’ve heard of some people arranging with a financial planner or other professional to control the flow of their money (and therefore their spending), as well as people who simply keep their money in some sort of investment that makes it difficult to access except at specific times (such as a CD). It’s just a matter of finding a system that works with your own spending habits. After all, there is no point in limiting your purchases in one way if you do most of your spending in an entirely different manner. Take a close look at your finances before deciding one way or the other.

It may take a little experimentation to find a gatekeeper that really works for you: however you implement a gatekeeper strategy, however, you can effectively slow down spending and make sure that your money goes where you really want it to.

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